TMB has been consistently offering higher rates of interest since the last many years for the benefit of its depositors since its cost of operations are low compared to other banks. The rates are split for different segments to offer the highest rate of interest possible. Apart from the Regular Domestic Deposits, we have special rates for High Value Deposits as well as even higher interest rates for Senior Citizens of India.
The Tabular Data Table below shows the Interest Rates offered on Savings Account by TMB with effect from 06th Jul 2020.
|Amount / Interest Rate (p.a.)||Regular Citizens||Senior Citizens|
|Balance Above 10 Lakhs||3.50%||3.50%|
|Balance Upto 10 Lakhs||3.25%||3.25%|
The Tabular Data Table below shows the Domestic and NRO Term Deposit Interest Rates for Fixed / Recurring Deposits offered by TMB with effect from 06th Jul 2020.
|Period / Interest Rate (p.a.)||Regular Citizens / NRO Dep.||Senior Citizens|
|Upto Amount||Rs. 1,99,99,999||Rs. 1,99,99,999|
|3 years - 10y||5.75%||5.75%|
|2 years < 3 years||5.90%||6.40%|
|> 20m 20d - < 2 years||6.00%||6.50%|
|20 months 20 days||6.00%||6.50%|
|> 1y to < 20m 20d||6.00%||6.50%|
|271 days - < 12 months||5.50%||5.50%|
|180 days - 270 days||5.50%||5.50%|
|91 days - 179 days||5.25%||5.25%|
|61 - 90 days||4.50%||4.50%|
|46 - 60 days||4.50%||4.50%|
|30 - 45 days||4.00%||4.00%|
|15 - 29 days||3.75%||3.75%|
For all Bulk Deposits above the ceiling amount specified in this table above, refer to the Interest Rates on Bulk Deposit table below.
The Tabular Data Table below shows the Domestic and NRO Term Deposit Interest Rates for High Value / Bulk Fixed and Recurring Deposits offered by TMB with effect from 06th Jul 2020.
|Period / Interest Rate (p.a.)||All Citizens||All Citizens|
|Amount From||Rs. 2,00,00,000||Rs. 5,00,00,001|
|Amount Upto||Rs. 5,00,00,000||Rs. 9,99,99,999|
|3 years - 10y||5.40%||5.40%|
|2 years < 3 years||5.50%||5.50%|
|> 20m 20d - < 2 years||5.60%||5.60%|
|20 months 20 days||5.60%||5.60%|
|> 1y to < 20m 20d||5.70%||5.70%|
|271 days - < 12 months||5.25%||5.25%|
|180 days - 270 days||5.25%||5.25%|
|91 days - 179 days||5.00%||5.00%|
|61 - 90 days||4.25%||4.25%|
|46 - 60 days||4.25%||4.25%|
|30 - 45 days||3.75%||3.75%|
|15 - 29 days||3.50%||3.50%|
For all even more Higher Value Deposits beyond the ceiling amount specified in this table below, please contact your nearest TMB branch for availing special offers if any.
As per the new section 206AA of the Income Tax Act, quoting of Permanent Account Number (PAN) is mandatory, if the interest on term deposits for the financial year 2010-11 exceeds Rs. 10,000.00. With effect from 01st Apr 2010, if PAN is not furnished, then tax has to be deducted at higher rate of 20%. Quoting of PAN in the declaration form 15G / 15H is mandatory for non-deduction of tax at source w.e.f. 01st Apr 2010. If PAN is not quoted in the form15G/15H, tax will be deducted at a higher rate of 20%.
Therefore the customers are requested to furnish their PAN to the Bank and those customers who are eligible to submit Form 15G /15H are requested to submit Form No. 15G/15H with their Permanent Account Number (PAN) along with the photocopy of the PAN Card immediately.